Dollar Tree, Inc. (NASDAQ:DLTR) shares are trading slightly lower on Thursday. The company has named Michael C. Creedon, Jr. as its permanent Chief Executive Officer, effective immediately.
Creedon, who joined the company in 2022 as Chief Operating Officer, had served as Interim CEO since November 2024 following Rick Dreiling's departure.
According to Benzinga Pro, DLTR stock has lost over 48% in the past year. Investors can gain exposure to the stock via Invesco S&P 500 Equal Weight Consumer Staples ETF (NYSE:RSPS).
Over the past two years, Creedon has taken on increasing responsibilities, managing Dollar Tree's vast network of over 16,000 stores and 200,000 associates across both Dollar Tree and Family Dollar banners.
The company's Board of Directors expressed unanimous confidence in Creedon's leadership, citing his deep understanding of the business, strategic vision, and ability to collaborate effectively with the organization. Edward (Ned) J. Kelly III, Chairman of the Board, highlighted Creedon's success in earning the trust and respect of the entire Dollar Tree team.
Before joining Dollar Tree, Creedon had an extensive career at Advance Auto Parts, most recently as Executive Vice President and President of U.S. Stores. He also held leadership positions at Tyco International and ADT Security.
In a press release dated December 4, Dollar Tree said it expects fiscal year 2024 sales of $30.7 billion – $30.9 billion, compared to prior guidance of $30.6 billion- $30.9 billion.
The company expects to deliver comparable store net sales growth in the low-single-digits for the enterprise and both the Dollar Tree and Family Dollar segments.
For the fourth quarter of 2024, Dollar Tree forecasts sales of $8.1 billion – $8.3 billion, based on comparable store net sales growth in the low single digits for the enterprise and both the Dollar Tree and Family Dollar segments.
Price Action: DLTR stock is down 0.66% at $68.81 at last check Thursday.
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